Steel major Tata Steel is planning a sub-division of its equity shares. According to media reports, the board of Tata Steel Ltd will meet on May 3 to consider a proposal to split the share.
The board will also announce the results of the fourth quarter of FY22 on May 3. Besides, the company is also likely to announce a dividend when it declares the result.
The face value of each share of Tata Steel is Rs 10. The Indian steel maker didn’t specify the ratio of the share split. The share split of Tata Steel would be subject to regulatory and statutory approvals.
Tata Steel’s shares jumped more than 2.50 per cent jump on the NSE and BSE in the opening session on Monday than the previous closing of Rs 1,319.50 (NSE) and Rs 1,319.25 (BSE) per share on Wednesday.
Mumbai-headquartered Tata Steel group is among the top global steel companies, with an annual crude steel capacity of 34 million tonnes per annum.